I just received a huge compliment from one of my out of state clients! I have been working with these wonderful folks for probably almost 2 years now and they are so excited to be moving to sunny Florida to be closer to their grandkids and away from the snow and ice of the North! The only problem is their house in Oil City, PA which has not sold yet. Well they got an offer which is always great news! The thing that made me so proud is that they emailed me to review the terms of the offer their PA Realtor sent them to make sure it was solid and to help answer some of their concerns. I was really humbled that they think so much of my work and service to them, and I made sure to offer them the best advice that I could give while honoring their relationship with their PA Realtor!
Some Realtors talk about service, I make sure to live it every day with my clients! I KNOW that there is no other Realtor that will look out for the best interests of their clients more than I will and I have built my business on this pratice. This has been a great day for me already, just knowing that I am able to help my clients achieve their goals!
And if anyone knows someone who needs a great house in Oil City, PA or (anywhere else) just let me know and I will put you in touch with the right folks!
Make it a great day!
Patty
Wednesday, May 28, 2008
Monday, March 03, 2008
Understanding Interest Rates
We keep hearing about changing interest rates and the government lowering the prime rate but what does that really mean for the buyer. Well according to my friend and Mortgage Broker Extraordinaire Brian Forrester with TriCounty Mortgage this is how it all really works.
When the FED lowers the FED funds rate, it lowers short term rates like the prime rate, which is used for:
· Car loans
· Boat loans
· Home equity lines of credit.
Long term rates move up or down in conjunction with bonds (also known as mortgage backed securities). One of the main reasons bond interest rates move up or down is related to fears of inflation. If the FED says inflation is coming, rates will rise to compensate. When the FED lowers their interest rates, this is seen as an inflationary move. This is because a rate decrease is supposed to spur more spending because of the cheaper costs of money.
So what does this really all mean to those Buyers out there that are waiting for prices to drop further to buy their dream home................while home prices may drop a little bit further, it is likely that these decreased prices will be accompanied by increased financing costs due to rate cuts by the Fed. This means that any money saved on paying less for a house in a few months time will be offset by Buyrs having to pay off their mortgage at a higher interest rate making “playing the waiting game” a waste of time (and very little fun).
This rate increase isn’t just speculation. Just a couple of weeks ago, in early February, the fixed mortgage rate jumped a full half-percent, making it the fastest rate increase in 20 years.
So what we are saying here Buyers is it is time to get off the fence as we like to say. Now is the time to buy if your are obviously in the position to do so. Prices are significantly down, competition in what is selling is fierce, and interest rates are still good. Now is the time to Buy!
And for all you sellers out there, remember price your home properly, get it in great condition, keep it neat and clean, wash off those smudge marks, (ever try a Magic Eraser on walls??? but I digress!)..............and be ready for those really smart Buyers who have done their homework and are ready to go!
Win the Day!
Patty
When the FED lowers the FED funds rate, it lowers short term rates like the prime rate, which is used for:
· Car loans
· Boat loans
· Home equity lines of credit.
Long term rates move up or down in conjunction with bonds (also known as mortgage backed securities). One of the main reasons bond interest rates move up or down is related to fears of inflation. If the FED says inflation is coming, rates will rise to compensate. When the FED lowers their interest rates, this is seen as an inflationary move. This is because a rate decrease is supposed to spur more spending because of the cheaper costs of money.
So what does this really all mean to those Buyers out there that are waiting for prices to drop further to buy their dream home................while home prices may drop a little bit further, it is likely that these decreased prices will be accompanied by increased financing costs due to rate cuts by the Fed. This means that any money saved on paying less for a house in a few months time will be offset by Buyrs having to pay off their mortgage at a higher interest rate making “playing the waiting game” a waste of time (and very little fun).
This rate increase isn’t just speculation. Just a couple of weeks ago, in early February, the fixed mortgage rate jumped a full half-percent, making it the fastest rate increase in 20 years.
So what we are saying here Buyers is it is time to get off the fence as we like to say. Now is the time to buy if your are obviously in the position to do so. Prices are significantly down, competition in what is selling is fierce, and interest rates are still good. Now is the time to Buy!
And for all you sellers out there, remember price your home properly, get it in great condition, keep it neat and clean, wash off those smudge marks, (ever try a Magic Eraser on walls??? but I digress!)..............and be ready for those really smart Buyers who have done their homework and are ready to go!
Win the Day!
Patty
Tuesday, January 08, 2008
Happy New Year from Sunny Florida!
Happy New Year fellow Real Estate enthusiasts! Well I am a little late but I wanted to finally post some Parade Photos from the Tarpon Springs Christmas Parade! What a gorgeous day we had for the Lakeside Community Church Float and Motorcycles biking for Jesus! We had a lot of fun passing out candy canes to the kids and invitations to our Christmas Eve services for those who may not have a home church to attend. Silly me, I figured I could just walk along side the float and leisurely hand out the goodies but instead we ended up running to keep up or catch up all along the Parade route. Parades move along faster than I anticipated! Next time I am hopping on the back of a Harley and waving from there!
Well it is exciting to start the new year with new business and excited clients. Next I want to talk about Short Sales and Pre-foreclosures and what that means compared to a real live foreclosure of someone's property. This is definitely a buyers market around here and there are lots of good deals to be had. The great thing about buying a pre-foreclosure home is that it is a benefit to everyone involved. It helps the seller avoid a foreclosure on their credit record, it helps actually save the banks money by avoiding huge attorney fees to work through the foreclosure process and lets the home get sold so it does not get in the banks inventory, and the buyer usually gets a great value and instant equity by buying the home at a great price! That is what we call a Win-Win situation! Everyone benefits. Believe it or not.......banks do not want to be in the business of home ownership, that just costs them more money and they have to hire a Realtor to get it sold again anyway. So consider this information when your friends or family might be getting a little in over their heads. If they can prove a hardship the banks really will work with them as it is in everyone's best interest.
DO NOT HIDE from the banks if you are going to be late in your payment. Talk to them immediately. They may be able to help with rate adjustments, give you a little extra time to pay, or consider the short sale option if you qualify. The sooner you are talking to them and have an experienced Real Estate Consultant trying to get your home sold ASAP the better off you will be!
More on this later! Have a great day!
Patty
Tuesday, December 11, 2007
Tarpon Springs Florida 2007 Christmas Parade
Come one, come all to the 2007 Tarpon Springs Christmas Parade on Saturday December 15th starting from the Winn Dixie parking lot at Pinellas Ave and Morgan Street at 10:00 am and goes through downtown Tarpon Springs on Alt. 19. The parade will be followed by a party at Craig Park. For information contact the Tarpon Springs Chamber at 727-937-6109 or the Recreation Department at 727-942-5628 or e mail Chamber@tarponsprings.com.
It is hard even for those of us who have called Florida home for a long while to think it is really December already when it is 85+ degrees outside! Well at least we know that the weather here in Pinellas County will be gorgeous for the parade! Just do not forget the sunscreen, sunglasses, and hats!
My family and I are lucky enough to be part of the Lakeside Community Church float in this year's parade so come out and join us. Guaranteed fun for all the family! Come join us usher in the Christmas Season and celebrate peace on earth and goodwill to all! It sure would be nice to know that come 2008 we could anticipate a little more peace on this amazing earth!
Patty
It is hard even for those of us who have called Florida home for a long while to think it is really December already when it is 85+ degrees outside! Well at least we know that the weather here in Pinellas County will be gorgeous for the parade! Just do not forget the sunscreen, sunglasses, and hats!
My family and I are lucky enough to be part of the Lakeside Community Church float in this year's parade so come out and join us. Guaranteed fun for all the family! Come join us usher in the Christmas Season and celebrate peace on earth and goodwill to all! It sure would be nice to know that come 2008 we could anticipate a little more peace on this amazing earth!
Patty
Wednesday, January 03, 2007
Selling and Buying Tips in 2007
Take a look at these Selling and Buying Tips for 2007 according to the Florida Association of Realtors:
1. Price to sell. If you really must sell now, don’t mess around. List your house based on what the market dictates today, not the prices that friends, relatives and co-workers got last winter or last spring.
2. Consider all credible offers. Holding fast for a better offer might put you in a situation where you’re merely playing catch-up with a moving market. Don’t assume there’ll always be another offer coming down the pike. You may need to come off your price 5 percent in some areas and 10 percent or more in others.
3. Offer to proffer. Buyers are requesting all kinds of enticements to spice the pot. Club memberships, prepaid lawn maintenance, moving-expense reimbursements, all appliances included and liberal repair credits are just a few possible throw-ins. Don’t be shocked if you hear, “Throw in that plasma TV and we’ve got a deal.” Consider in advance how far you’ll be willing to go, but draw the line, however, at “first-born child.”
1. Negotiate with builders. Don’t be afraid to ask builders for concessions such as steep price discounts, closing-cost waivers, luxury upgrades, free landscaping, free trips and free club memberships. Many builder-incentive packages are worth 10 grand and up! In some markets such as Boston, new condos are selling for 20 percent less than they were in mid-to-late 2005.
4. Avoid hot spots. Stay away from buying homes in neighborhoods that appreciated significantly above average home prices in recent years – especially if you’re moving for the short term. Once prices in these hot spots are corrected, these often see slower upward movement or remain flat after the overall market heads north again.
7 selling tips for the down cycle:
1. Price to sell. If you really must sell now, don’t mess around. List your house based on what the market dictates today, not the prices that friends, relatives and co-workers got last winter or last spring.
2. Consider all credible offers. Holding fast for a better offer might put you in a situation where you’re merely playing catch-up with a moving market. Don’t assume there’ll always be another offer coming down the pike. You may need to come off your price 5 percent in some areas and 10 percent or more in others.
3. Offer to proffer. Buyers are requesting all kinds of enticements to spice the pot. Club memberships, prepaid lawn maintenance, moving-expense reimbursements, all appliances included and liberal repair credits are just a few possible throw-ins. Don’t be shocked if you hear, “Throw in that plasma TV and we’ve got a deal.” Consider in advance how far you’ll be willing to go, but draw the line, however, at “first-born child.”
4. Catch the wave at the source. Prepare your home for sale at the very earliest point this “spring” (actually early March or even late February), the time when seasonal buying interest is just starting to build.
5. Preserve your equity. Until the market stabilizes, refrain from borrowing from home equity (or raiding your 401(k), for that matter) to pay your bills, or for vacations and other purchases.
6. Gain in a sell-buy scenario. If you’ll be buying another home at the same time you’re selling your current one, the price reduction on the new one can compensate for the “loss” you’re taking on the old one. If you plan a “move up” to a better neighborhood and are paying 10 percent below list after selling your old home for 10 percent below list, your net dollar savings will actually be more.
7. Stay if possible. If you’re happy in your home and are meeting your expenses but want to sell due to continuing “housing bubble” fears, sit a spell. A home is a shelter first, and investment second. Except for a handful of markets that are still hyper-inflated, odds are that it will pay to ride out the storm. Generally, the early stages of a downturn are the scariest because that’s when amateur investors are dumping “spec” properties cheaply.
7 Buying Tips for the Down Cycle
1. Negotiate with builders. Don’t be afraid to ask builders for concessions such as steep price discounts, closing-cost waivers, luxury upgrades, free landscaping, free trips and free club memberships. Many builder-incentive packages are worth 10 grand and up! In some markets such as Boston, new condos are selling for 20 percent less than they were in mid-to-late 2005.
2. Negotiate with home sellers. Unlike the go-go market of recent years, offers of 5 percent to 10 percent or more under asking price will not be inappropriate. (See “selling tips” for some of the throw-ins that buyers are being offered.)
3. Educated timing. Read up on local – not national – market trends, religiously read for-sale ads, and get a sense of what’s moving and where, then be prepared to jump on bargains, especially as the last of the speculators are being flushed out of the market and for-sale inventories are at their zenith.
4. Avoid hot spots. Stay away from buying homes in neighborhoods that appreciated significantly above average home prices in recent years – especially if you’re moving for the short term. Once prices in these hot spots are corrected, these often see slower upward movement or remain flat after the overall market heads north again.
5. Modesty is the best policy. Consider more modest homes in well-maintained, established neighborhoods. By contrast, pricing and re-pricing on expensive homes, new homes and new condos make those products riskier during down cycles.
6. Flexibility. For maximum flexibility in pouncing on the right deal, get preapproved for your home loan.
7. Follow fundamentals. Just because a lender will advance you money to live or build beyond your means doesn’t mean you’re standing on sound fiscal footing. At year-end 2006, $330 billion of adjustable-rate mortgages, or ARMs, were creeping upward. Avoid risky interest-only loans and ARMs, opting for fixed-rate mortgages instead. And learn from the recent past: Don’t assume housing will appreciate enough in the near term to cover your home’s rising interest payments.
And of course as a follow-up to all these tips.....Consult a Professional Realtor like Patty Neri, Weichert, Realtors, Westshore Real Estate at 727-278-8084 to optimize your returns!
Tuesday, December 12, 2006
2006 - the Third Highest in Home Sales!
According to the National Association of Realtors pending home sales indicated market stabilization. David Lereah, NAR's Chief Economist notes that even though there has been a temporary price correction in most markets, including the Tampa Bay Area, 2006 will still end with the third highest amount of home sales on record!! Now let's beat that figure for 2007!
I want to wish you all a very blessed holiday season and a prosperous and healthy 2007!!
I want to wish you all a very blessed holiday season and a prosperous and healthy 2007!!
Friday, May 12, 2006
Sellers Earn 16% More by Using an Agent
Technology has transformed how Americans buy and sell homes. According to a study by the National Association of Realtors (NAR) 9 out of 10 home buyers us a real estate agent in the search process with a dramatic increase in the use of the internet for this process. The NAR study shows that the median home price for sellers who use an agent is 16% higher than a home sold directly by an owner. When in search of a real estate professional, 44% of buyers are referred by a friend, neighbor, or relative with the most important factor in choosing an agent being reputation followed by an agent's knowledge of the neighborhood.
Wednesday, May 10, 2006
Welcome to my Real Estate Blog
I want to welcome you to my Blog regarding the Real Estate market in the Tampa Bay, Florida area. Please check back very soon for some news regarding the local area markets. One tip: Don't believe everything you read in the newspapers, properties are still selling in Tampa Bay! Have a great day!
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